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EUR/USD - Choppy Holiday Trading

EUR/USD has declined further below support at 1.2247 to 1.2217(yearly new low). Resistance for a temporary recovery bounce can be found at 1.2273 (20.12.2014 old recovery high) and 1.2375 (previous support) and 1.2423 (19/12/2014 high, see also the 50% retracement).

In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) calls for a decline towards the strong support at 1.2043 (24/07/2012 low). As a result, the recent low at 1.2247 is expected to be eventually broken. A key resistance stands at 1.2600 (19/11/2014 high).

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